VCT tax relief

[Nocton]

I am completing my self-assessment tax form and have a VCT investment to claim tax relief on. As it happens, last year I made substantial gift aid payments so that without the VCT tax relief I would not pay much income tax. That means that the VCT tax relief will be mostly wasted. However I see on HMRC's web site it says:
"For VCTs, you can claim relief up to 4 years after the end of tax year of assessment in which you made the investment."
which suggests I could postpone the claim until next year. But later it says:
VCT
"You should claim Income Tax relief in your Self Assessment tax return for the tax year in which the shares were issued."

So my question is, if I claim in the next tax year for a VCT investment made in the previous year, in which year will the 30% income tax relief be applied?
[As I am doing my tax return on-line I can easily fiddle with the figures to see the effect of any adjustments. That's one of the great plus-s of the on-line system.]

[wanderer]

I think the wording means that you can only use the vct tax relief to offset tax due in the same year you make the vct investment but you have up to 4 years to make that entry in the relevant tax return.

It doesn’t mean that you could apply the vct relief to any of the four years tax bills as you choose.

At least, that’s the way I’ve always read it.

[Spet0789]

I think the wording means that you can only use the vct tax relief to offset tax due in the same year you make the vct investment but you have up to 4 years to make that entry in the relevant tax return.

It doesn’t mean that you could apply the vct relief to any of the four years tax bills as you choose.

At least, that’s the way I’ve always read it.

Seconded. As I have always understood it’s a use it or lose it relief.

[wanderer]

One thought is that it *might* be possible to reshuffle you gift aid relief, though. I recall that tax returns always have a box on the return which says - words to the effect of - do you want to take the gift aid relief a year early. Maybe you can resubmit a prior year return to take the gift aid relief earlier, thus leaving more tax payable in the vct year to offset the vct relief?

I should say, I don’t know if this works in your situation or even if it’s technically possible at all, but it does seem unfortunate to lose the relief if that’s not strictly necessary!

[Nocton]

TY all. That confirms what I thought/feared.
Re carrying back gift aid, I have already done that for some of 2022-23 tax year's gifts, carrying them back to the previous year. What I would like to do is carry some forward, but that is not allowed.
I have had a fiddle around with the gift aid payments, but can't make any significant difference ot the tax owed, so I'll just have to forgo most tof the tax relief.